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| The Internal Revenue Service today released a draft version of the form that small businesses and tax-exempt organizations will use to caluculate the small business health care tax credit when they file income tax returns next year. They also announced how eligible tax-exempt organizations – which do not generally file income tax returns – will claim the credit during the 2011 filing season. (more…) |
Archive for the ‘Business’ Category
IRS Releases Form to Help Small Businesses Claim New Health Care Tax Credit
Tuesday, September 7th, 2010Moving Soon? Let the IRS Know
Tuesday, September 7th, 2010|
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| If you changed your home or business address, notify the IRS to ensure that you receive any refunds or correspondence. Although the IRS uses the postal service’s change of address files to update taxpayer addresses, notifying the IRS directly is still a good idea.There are several ways to do this. (more…) |
Movement to Repeal 1099 Rule in Healthcare Law Gains Momentum
Friday, September 3rd, 2010|
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As you may already know, tucked away in the new health-care law is a mandate that beginning in 2012, small businesses and charities must file 1099’s for every vendor they have purchased goods or services from in excess of $600. This new mandate applies to everyday purchases, like shipping costs, supplies, even Internet and phone service. That means if you’re a business owner, you will need to get the tax ID numbers for almost everyone you deal with and keep track of all your expenses: a daunting task. Furthermore, if your business has more than 250 vendors that qualify to get 1099s, you will have to enroll in electronic 1099 filings with the IRS. |
A SIMPLE Retirement Plan for the Self-Employed
Thursday, September 2nd, 2010|
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| Of all the retirement plans available to small business owners, the SIMPLE plan is the easiest to set up and the least expensive to manage.These plans are intended to encourage small business employers to offer retirement coverage to their employees. SIMPLE plans work well for small business owners who don’t want to spend time and high administration fees associated with more complex retirement plans. (more…) |
Financial Planning Tips for September 2010
Wednesday, September 1st, 2010|
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| Create a Living Will
Discuss with your spouse your wishes concerning health care and funeral arrangements. This is not pleasant, but it is important that others know your preferences should you be incapacitated. Create a Living Will to document your decisions. Update Your Will Update your will and the will of your spouse, if you are married. Review Budget vs. Actuals Compare August income and expenditures with your budget. Make adjustments as appropriate to your September expenditures. Make sure you have invested your planned savings amount for August. |
Federal Tax Due Dates for September 2010
Wednesday, September 1st, 2010|
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Banish Security Fears: Use QuickBooks Protection Tools
Friday, August 13th, 2010|
Chris Blach, QuickBooks ProAdvisor |
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Basic Hints to Help New Small Business
Thursday, August 12th, 2010|
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Folks starting a small business are often challenged by their new tax filing requirements. It can be overwhelming to learn about federal tax responsibilities. The following is a list of basic tips to avoid potential problems: (more…) |
Payroll Tax Holiday – New Details on 2010 HIRE Act
Wednesday, August 11th, 2010|
Linda Chiappone, Senior Tax Manager |
| In March, the President signed into law the “Hiring Incentives to Restore Employment Act of 2010” (the 2010 HIRE Act), the centerpiece of which is a payroll tax holiday and up-to-$1,000 tax credit for businesses that hire unemployed workers. Here’s an overview of these new hiring incentives and some new details that carry important guidance on these new payroll tax breaks. (more…) |
Cash Flow: The Pulse of Your Business
Tuesday, August 3rd, 2010|
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Unfortunately, many small business owners do not fully understand their cash flow statement. This is shocking, given that all businesses essentially run on cash, and cash flow is the lifeblood of your business. Some business experts even say that a healthy cash flow is more important than your business’s ability to deliver its goods and services! That’s hard to swallow, but consider this: if you fail to satisfy a customer and lose that customer’s business, you can always work harder to please the next customer. But if you fail to have enough cash to pay your suppliers, creditors, or employees, you’re out of business! (more…) |